I’m doing some basic restoration on a '75 Honda CB750K I picked up at a swap meet a few months ago. Took the oil filter assembly off to change filter and fluids and found the above yellow gunk inside. It’s kind of a pale yellow (puce?) paste.
I have no idea whatsoever how long it has been since any of this was touched, although the bike came with a Massachusetts plate with a May 2017 expiration date. Does anybody have any idea what this crap is and if it’s a bad sign?